2022年《关于加快推进公募基金行业高质量发展的意见》提出，支持基金管理公司在做优做强公募 基金主业的基础上实现差异化发展，支持公募主业突出、合规运营稳健、专业能力适配的基金管理公司 设立从事投资顾问、金融产品销售的子公司，提升综合财富管理能力。为响应和落实以上政策，实现高 质量发展目标，易方达基金经过充分论证和准备，于2023年5月提交了设立财富管理子公司的申请。 两年来，易方达基金积极根据监管部门的反馈完善相关准备工作，同时稳妥推进投顾业务，组建了 涵盖投研、顾问、系统开发、金融科技、解决方案、合规风控等100余人的团队，构建并不断完善多层 次的服务体系和多元化的业务模式，依托多层次顾问队伍，为客户提供持续、及时的顾问服务。 近日，证监会发布《关于核准易方达基金管理有限公司设立子公司的批复》，核准易方达基金设立 全资子公司。信息显示，该子公司名称为易方达财富管理基金销售（广州）有限公司，注册地为广东省 广州市，注册资本为1亿元人民币，业务范围为证券投资基金销售。 根据批复，易方达基金后续将按照有关要求完成子公司组建、工商设立登记等一系列工作，子公司 将在申请取得经营证券期货业务许可证后对外展业。 子公司将 ...

Group 1 - The securities industry is undergoing a profound structural adjustment, with 21 brokerages announcing the closure of 87 branches this year, indicating a strategic contraction in branch layout [1][3] - The closures include 8 branch offices and 79 business departments, primarily affecting second and third-tier cities, but also some first-tier city offices [3] - Cost pressures are driving the optimization of branch networks, as the high operational costs of physical offices contrast sharply with the lower service costs of digital channels [4] Group 2 - The reduction in business departments is accompanied by an increase in the number of branch offices, with the number of branch offices in Shanghai rising from 93 to 98, while business departments decreased from 777 to 760 [5] - Branch offices serve as a crucial intermediary between headquarters and business outlets, playing an important role in the transformation of wealth management services [5] - The establishment of internet branch offices is emerging as a new trend, with Guosen Securities setting up three internet branch offices in regions such as Shenzhen, Zhejiang, and Southwest [5]

Core Viewpoint - The Chinese securities industry is undergoing a profound transformation driven by the "building aircraft carrier-level securities firms" policy, leading to a trend of mergers and acquisitions among leading brokerages to achieve economies of scale, business complementarity, and enhanced international competitiveness [1][2] Group 1: Mergers and Acquisitions - Mergers among leading brokerages will become mainstream, focusing on complementary business lines rather than simple overlaps, such as combining strong institutional business with extensive retail networks [1] - Integration of brokerages under the same actual controller is a significant model, particularly among state-owned platforms, due to strong driving forces and relatively easy cultural integration [1] - Regional mergers are a strategic path for small and medium-sized brokerages to quickly scale up and enhance their service capabilities to local economies [1][2] Group 2: Industry Structure and Competition - The merger wave will significantly increase industry concentration, evolving the market structure towards a model of "leading institutions + comprehensive brokerages + specialized brokerages" [2] - Leading institutions will dominate in capital scale, business diversity, and international influence, while comprehensive brokerages will offer diversified services nationwide [2] - Specialized brokerages will establish unique advantages in niche markets through regional focus, industry specialization, or precise customer targeting [2] Group 3: Business Model Transformation - The merger trend will drive a positive transformation in brokerage business models and profit structures, with a shift from traditional brokerage services to comprehensive financial services [2] - The proportion of traditional brokerage business will decline, while investment trading, asset management, and wealth management will see increased shares [2] - Mergers will enhance business synergy and cross-selling opportunities, allowing merged brokerages to provide more comprehensive "one-stop" services, thereby increasing customer loyalty and value [2] Group 4: International Expansion and Challenges - The deepening of capital market openness will make cross-border mergers and international expansion strategic priorities for large brokerages [1][2] - Acquiring overseas brokerages or investment banks can quickly provide international business qualifications, professional teams, and client networks, but cultural integration and complex international regulations pose significant challenges [1][3] Group 5: Strategic Recommendations for Smaller Brokerages - Smaller brokerages should adopt differentiated competition strategies, focusing on regional characteristics, industry specialization, or targeted customer groups to build competitive advantages [3][4] - Engaging in proactive integration rather than passive waiting is advisable, with medium-sized brokerages leading regional consolidations and smaller firms considering strategic partnerships with larger brokerages [4] - Emphasizing a "lightweight" technology strategy and innovation in niche areas, such as green finance and ESG investments, can help smaller brokerages establish unique business brands [4]

Core Viewpoint - The "Second Jin Qilin Best Investment Advisor Selection" event, organized by Sina Finance and exclusively partnered with Yinhua Fund, aims to identify and empower outstanding investment advisors in China's rapidly growing wealth management industry [1]. Industry Overview - China's wealth management industry is entering a high-growth phase as residents' financial management awareness increases, impacting asset allocation trends across the nation [1]. - Investment advisors play a crucial role as the "last mile" in wealth management, directly influencing client engagement and service delivery [1]. Opportunities and Challenges - Investment advisors face both opportunities and challenges in the evolving landscape of wealth management, necessitating a focus on enhancing their professional capabilities [1]. - The event seeks to provide a platform for investment advisors to showcase their skills, expand their services, and improve their capabilities [1]. Future Directions - The General Manager of Everbright Securities Wealth Management Headquarters, Li Xi, emphasizes the need for a transformation in wealth management from "scale expansion" to "value creation," focusing on professional capability development [1]. - The goal is to offer clients accessible, high-frequency, and personalized investment advisory services, thereby enhancing the benefits derived from professional services [1].

Core Insights - The Chinese securities industry is undergoing a transformation in its human resources strategy, shifting from a focus on quantity to quality, aiming for high-quality development and enhancing the effectiveness of professional talent and middle-back office personnel [1][2] Workforce Evolution - As of the end of 2024, the number of securities professionals is projected to be 335,700, a decrease of 2.04% from 2021. The top five securities firms now account for 17.56% of the total workforce, indicating a concentration of personnel in larger firms [2] - The number of securities brokers has decreased by 27,000, a decline of 48.85%, while investment advisors have increased by 12,000, a rise of 17.46%. The number of securities analysts and sponsors has also increased, reflecting a shift towards wealth management and increased investment in research and investment banking personnel [2] Experience and Efficiency - By 2024, over 50% of industry professionals will be over 36 years old, with the 36-45 age group making up 35.26%, indicating a trend towards a more experienced workforce. The proportion of employees with 11-19 years of experience is 29.58% [3] - There is a significant disparity in human resource efficiency, with top firms maintaining a human resource cost ratio of 32%-38%, which is 10-15 percentage points lower than the industry average. Their revenue and net profit per employee are 2-3 times the industry average [3] Structural Adjustments - The number of brokerage personnel has decreased from 178,500 at the end of 2021 to 146,100 by the end of 2024, a decline of 18.13%. This shift has led to an increase in average revenue per employee, which is expected to stabilize and exceed 2021 levels at 875,500 [4] - In proprietary trading, equity investment personnel have decreased by 14.68%, while bond investment personnel have increased by 25.06%, indicating a shift in focus towards bond investments and new areas like quantitative and derivative investments [5] Research and Sales Dynamics - The number of research and institutional sales personnel has increased from 5,813 to 8,562, improving the sales personnel to researcher ratio from 1:7.1 to 1:4.4. However, the average revenue per research report has declined by 30.10% to 123,300 [6] - The industry has made significant adjustments to personnel structures across various business lines, achieving the goal of improving quality and efficiency while maintaining a dynamic balance between business and management teams [6] Future Talent Development - The industry can enhance talent development by focusing on four key areas: strengthening professional talent capabilities, increasing information technology and international talent reserves, exploring differentiated operations, and promoting professional ethics [7][8] - In 2024, the average revenue per employee in the industry is projected to be 1,344,000, only 38% of that of top firms, indicating lower efficiency among smaller firms [8]

Group 1 - The core viewpoint of the articles highlights the strong performance of listed securities firms in their mid-year earnings forecasts, which has boosted industry confidence and attracted institutional investors' attention [1] - The increase in institutional research frequency on securities firms is driven by the firms' impressive mid-year earnings, with some companies reporting net profit growth exceeding 1000% year-on-year, significantly above previous institutional forecasts [1][2] - The three main topics of focus during institutional research are wealth management transformation, differentiated development paths, and international business layout, reflecting a reassessment of the securities industry's value and its future development trajectory [1][2] Group 2 - Wealth management has emerged as a high-frequency topic in institutional research, with firms actively developing buy-side advisory services and enhancing their service coverage and core competitiveness [2] - Several securities firms are focusing on high-quality client groups and efficient online operations, with examples including Guangfa Securities and Guosen Securities, which are enhancing their advisory services and leveraging AI tools for rapid growth [2] Group 3 - The differentiated development paths of small and medium-sized securities firms have become a significant focus for institutional research, especially in light of recent regulatory guidance supporting their unique operational strategies [3][4] - Policies encouraging small and medium-sized firms to focus on niche markets and specialized services have led to increased attention from institutions, with firms like Changcheng Securities and Huaxi Securities actively pursuing these strategies [3] Group 4 - International business is recognized as a crucial growth area for Chinese securities firms, with institutions closely monitoring the expansion of major firms in Hong Kong and overseas markets, as well as their risk management strategies [5][6] - Firms like China Merchants Securities and Shenwan Hongyuan are focusing on digital transformation and enhancing their service capabilities in international markets, while smaller firms like Guoyuan Securities are also exploring international paths and strengthening their collaboration with parent companies [5][6]

为响应和落实以上政策，实现高质量发展目标，易方达基金经过充分论证和准备，于2023年5月份 提交了设立财富管理子公司的申请。据易方达基金相关人士介绍，两年来，公司积极根据监管部门的反 馈完善相关准备工作，同时稳妥推进投顾业务，组建了涵盖投研、顾问、系统开发、金融科技、解决方 案、合规风控等100余人的团队，构建并不断完善多层次的服务体系和多元化的业务模式，依托多层次 顾问队伍，为客户提供持续、及时的顾问服务。 近年来，国家大力支持投顾业务发展，助力财富管理转型。今年年初发布的《关于资本市场做好金 融"五篇大文章"的实施意见》指出，"推动证券基金经营机构加快财富管理转型""完善投资顾问制度规 则，推动公募基金投顾业务试点转常规，探索构建行业执业标准，培育壮大人才队伍，有序扩大可投产 品范围"。近期发布的《推动公募基金高质量发展行动方案》提出，"出台《证券基金投资咨询业务管理 办法》《公开募集证券投资基金投资顾问业务管理规定》，促进基金投顾业务规范发展""支持优质头部 基金公司业务创新发展，促进资产管理和综合财富管理能力双提升"。 近日，中国证监会发布《关于核准易方达基金管理有限公司设立子公司的批复》，核准易方达 ...

时隔一个月，国信证券再度大幅裁撤营业部。 近日，国信证券发布公告称，将于9月5日起正式关闭吉林市解放大路证券营业部、佛山南海永胜西路等12家营业部，涉及吉林、佛山、青岛和厦门等地。 就在上个月，国信证券发布公告称，自2025年8月1日起，正式关闭大庆龙政路、大同永泰南路等9家营业部。 上述被裁撤的营业部，有的被迁移至当地分公司，有的被迁移至当地其他营业部。 对此，国信证券向中国基金报记者表示，为给客户提供更加专业优质的金融服务，国信证券根据目前网点情况，对部分地区少数营业网点进行调整优化， 属正常经营举措。 国信证券表示，少数营业网点调整优化期间，公司各项业务与客户服务均正常开展。公司将始终坚持"以客户为中心"，聚焦客户需求，持续优化线上、线 下服务网络，不断提升客户服务体验。 年内全行业已裁撤68家营业部 随着金融科技的深度应用及线上平台的不断完善，对分支机构进行整合逐渐成为券商优化资源配置、推动业务转型的重要方式。 据不完全统计，今年以来，已有68家券商分支机构被裁撤。仅7月以来，就有4家券商宣布将撤销旗下营业部、分公司等分支机构。除国信证券外，7月8 日，方正证券发布公告称，将撤销河南分公司、曲靖寥廓北 ...

Core Viewpoint - Guosen Securities is undergoing significant branch closures as part of its strategy to optimize operations and enhance customer service, with a total of 12 branches being shut down recently, following the closure of 9 branches announced last month [2][3]. Group 1: Branch Closures - Guosen Securities announced the closure of 12 branches starting September 5, affecting locations in Jilin, Foshan, Qingdao, and Xiamen [2]. - In the previous month, the company had already announced the closure of 9 branches, indicating a trend of reducing physical locations [3]. - The closures are part of a broader industry trend, with 68 branches closed across the sector this year, driven by the need to optimize regional layouts and reduce costs [4]. Group 2: Business Strategy - The company aims to provide more professional and high-quality financial services by optimizing its branch network, which is considered a normal operational measure [3]. - Guosen Securities is focusing on enhancing both online and offline service networks to improve customer experience [3]. - The integration of financial technology and the improvement of online platforms are key factors driving the consolidation of branch offices in the brokerage industry [4]. Group 3: Financial Performance - Guosen Securities has experienced a significant decline in revenue due to external market conditions, with net profit in 2023 being approximately 60% of that in 2021 [5]. - The number of securities and futures branches decreased from 263 in 2022 to 238 in 2023, with further reductions planned [6]. - The company reported a rebound in net profit, projecting a growth of 52% to 76% in the first half of 2025, with major business segments showing substantial revenue increases [8]. Group 4: Market Position - Guosen Securities has demonstrated strong online and offline customer acquisition and marketing capabilities, as well as a robust service brand for high-net-worth clients [9]. - The wealth management and institutional business segment achieved an impressive operating profit margin of 46% in 2024, indicating strong profitability [9].

Group 1 - Guosen Securities announced the closure of 12 branches, including locations in Jilin and Foshan, effective September 5 [1] - In August, Guosen Securities had already announced the closure of 9 branches, indicating a trend of branch consolidation [2] - The company stated that these adjustments are part of normal operational measures to enhance customer service and optimize its service network [2] Group 2 - A total of 68 branches have been closed across the industry this year, with several firms, including Guosen Securities, making similar announcements [3] - The closures are primarily aimed at optimizing regional layouts, reducing costs, and transitioning towards wealth management [3] - The brokerage industry is facing declining commission rates, prompting firms to either reduce costs through operational efficiencies or shift focus to wealth management and high-net-worth clients [3] Group 3 - Guosen Securities has seen a significant decline in revenue, with net profit in 2023 being approximately 60% of that in 2021 [4] - The company has reduced its number of branches from 263 in 2022 to 238 in 2023, with further reductions planned [5] - By the end of 2024, Guosen Securities aims to operate 230 branches, with a further decrease to 223 by Q1 2025 [5] Group 4 - The user base for Guosen Securities' mobile trading platform has grown from 12.8 million in 2019 to 29 million in 2024, reflecting a compound annual growth rate of 18% [7] - The company's net profit is projected to reach between 4.78 billion and 5.53 billion in the first half of 2025, representing a year-on-year growth of 52% to 76% [10] - Guosen Securities has demonstrated strong performance in its wealth management and institutional business segments, with a profit margin of 46% in 2024 [10]